VANCOUVER, B.C.--(BUSINESS WIRE)--March 20, 1995--CANLAN INVESTMENT
CORP (TSE: CAI) Canlan Investment Corporation today reported that it has
completed agreements to significantly expand its successful joint
venture Morgan Creek residential and golf course development project,
near Vancouver, and also that it has exchanged letters of intent for the
development of multiple rink recreational hockey facilities in Wichita,
Kansas; Fort Worth, Texas; and Candiac,Quebec.

The Morgan Creek project, which originally incorporated 340 acres,
will now be expanded by the addition of 82.8 acres. The newly acquired
property is contiguous to north and west of the project. The Company
proposes to develop a mix of predominantly single family lots combined
with some low density townhouses. Closing for the additional land
purchase is anticipated by the end of the month.

Canlan's rapidly expanding recreational hockey rink operations
anticipate the start of construction for at least three new multi-rink
facilities within the next year.

At Wichita, Kansas, Canlan and the City of Wichita have agreed in
principle for the construction of a two-rink facility to be funded by
the City of Wichita. Canlan has a 65 percent interest in a management
contract with an option to purchase the facility. One rink will be
Olympic-sized and the other NHL-sized. Final agreements are expected to
be signed within a few days.

At Fort Worth, Texas, Canlan is the managing partner for a 50-50
joint venture to build and operate a two-rink recreational hockey
complex. The agreement is subject to financing approval, terms for
which appear to be well advanced.

At Candiac, Quebec, a south shore suburb of Montreal, Canlan is a 70
percent joint venture partner for a two-rink hockey facility which is
expected, in the future,to be expanded to four rinks. Final contracts
leading to an early construction start are anticipated within a month.

John B. Ross, President and C.E.O., said the opportunity to expand
the Morgan Creek project is particularly welcome because of the
extraordinarily strong demand already established for the project's
building lots. Phase I of the project, consisting of 135 lots, came to
market last fall and was virtually sold out in four weeks. Phases II,
III, and IV are scheduled to come to market as 1995 progresses and a
substantial waiting list of prospective purchasers has been established.

Mr. Ross stated that the agreements to expand hockey operations
could result in the start of construction at each of Wichita, Fort Worth
and Candiac later this year. He also noted that construction work has
already begun on the Company's three previously announced current
hockey expansions. These include expanding the Burnaby, B.C., operation
from four to eight rinks, conversion of the Winnipeg Highlander
Sportsplex to four rinks, and the joint venture construction of a two
rink facility at Langley, B.C. which is scheduled for completion within
a year and is to be followed almost immediately with expansion to four
rinks.

Canlan also expects to close a major land purchase within the next
few weeks which could permit building of a four rink hockey complex in
the northeast section of Metro Toronto, Mr. Ross also added.

Canlan Investment Corporation is an innovative and successful real
estate investment and development company. It is the largest private
sector operator of recreational ice facilities in North America with 23
ice surfaces at eight locations in Canada and the U.S. with future
expansion being planned throughout the continent. Its real estate
development operations are principally in British Columbia, Alberta,
Oregon and Washington State.

Shares of Canlan Investment Corporation are traded on the Toronto
Stock Exchange (CAI).

CONTACT: Ray Dixon, Vice President, Corporate Affairs

Canlan Investment Corporation

604/736-9152

or

Kieran and Co. Inc.

Jon W. Kieran

or

Cathy Hume, Investor Relations

416/868-1079

INDUSTRY KEYWORD: REAL ESTATE REPEATS: New York 212-575-8822 or
800-221-2462; Boston 617-330-5311 or

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